After the lesson learnt in the past fortnight, Terra is all set to become the fully-community owned chain to empower the ecosystem. While centralized exchanges like Binance, ByBit, etc are reportedly working closely with Terra for the LUNA 2.0 airdrop. On the other hand, the South Korean exchanges strongly ignore the LUNA 2.0, which may be due to the regulatory process undergoing.
The relaunch plan including the genesis block of the newly created LUNA 2.0 chain is on the cards. And as a result, LUNA price is expected to skyrocket to $50, targeting $1-5 billion market cap initially as predicted by an analyst. However, despite a significant rally, some analysts do not believe in the rally and are advising followers not to buy ‘LUNA’.
The analyst and many people in the crypto-verse believe the LUNA 2.0 may also be a failure and the founder Do-Kwon will dump the traders again. He is still facing huge criticism and disbelief over the upcoming upgrade, as he failed to revive the original tokens. On the other hand, as per some reports, class actions are being prepared against Binance, Coinbase, Kraken & Gemini for the sale of UST & LUNA to US customers.
Collectively, after passing the recovery plan by more than 65% of the vote, it seems that the community may remain skeptical of the performance of the LUNA 2.0. However, LUNA 1 services would be suspended by May 26, 2022 and LUNA 2.0 services would begin on May 27. Therefore, the coming weekend could be extremely crucial for the cryptospace as another outage could lead to another massive crash. ahead.
